adminSA’s Nedbank has acquired a 20 percent share of the pan-African Ecobank, the latest large-scale investment in the much-sought-after institution, reports Business Report. Nedbank and Ecobank Transnational Incorporated announced the deal, worth around $493m, just weeks after Qatar National Bank bumped its holding to 23,5 percent. Established in 1985, Togo-headquartered Ecobank has become a leading presence in Africa, with more than 1 200 branches in 36 African nations. Nedbank and Ecobank first joined forces in 2008. But the acquisition of over 4,5m shares cements that relationship, the report says.
Sanlam Emerging Markets has deepened its presence in Ghana beyond life insurance by acquiring a 40 percent stake in short-term insurance business Enterprise Insurance for R240m, reports Business Day.
Sanlam Emerging Markets CEO Heinie Werth said that in the short term, the firm was likely to focus on deal making in Africa.
“I agree Ghana is going through challenges. If you look from a bigger perspective, there’s still a lot of companies who invest in Ghana. There’s still confidence,” Werth said, Beyond short-term and life insurance in Ghana, Werth said his company had appetite to offer asset management services. He said the logical next phase of expansion was in Mozambique, Angola and Zimbabwe. The company has operations in Botswana, Namibia, Swaziland, Malawi, Zambia, Tanzania, Uganda, Rwanda, Kenya, Nigeria and Ghana. — Business Report.
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